MarketsandMarkets projects the "Product Lifecycle Management Market by Software (Collaborative Product Definition Management (cPDm) Software, Mechanical Computer Aided-Design Software (MCAD) and others), Service, Deployment, Organization, Vertical, and Region - Global Forecast to 2024", to grow from USD 50.7 billion in 2019 to USD 73.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and increasing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.
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By deployment type, on-premises to hold a
larger market size during the forecast period
The on-premises deployment
type refers to the installation of the product lifecycle management on the
premises of an organization rather than at a remote facility. On-premises
solutions are delivered with a one-time licensing fee, along with a service
agreement.
Furthermore, deployment of
the solution requires vast infrastructure and a personal data center, which is
affordable only for large organizations. Hence, SMEs often face the dilemma of
choosing between the hosted and on-premises solutions. In spite of its
advantages, such as control over the system and data, and dedicated staff for
maintenance and support, the on-premises deployment type has various drawbacks,
which include high deployment costs and reasonable infrastructure requirements
that are not always possible for every organization. The growth of the
on-premises deployment type is expected to be affected by the rapid development
of cloud computing solutions.
Support and maintenance services segment to
grow at a higher CAGR during the forecast period
Support and maintenance services are
crucial, as they directly deal with customer satisfaction and issues. Every
software vendor has a dedicated support team to serve the customers. Support,
software maintenance, customer portal, post-deployment assistance, and client
testimonials are some of the services provided under the support and
maintenance segment. To derive consistent customer satisfaction, service
providers regularly focus on enhancing their product knowledge base by
receiving feedbacks through interviews and surveys. These services also provide
a single point of contact who would help solve customer issues quickly. The
customer portal is another helping aid that offers technical tips and software
updates to customer forums.
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North
America to account for the largest market size during the forecast period.
North America consists of developed countries, such as the
US and Canada. This region is open to the adoption of new and emerging
technologies. Moreover, its strong financial position enables it to invest
heavily in the adoption of the latest and leading tools and technologies for
ensuring effective business operations. Such advantages help organizations in
this region gain a competitive edge. North America has the first-mover
advantage in the adoption of new technologies, such as smartphones and cloud
platforms. North America has the headquarters of many large enterprises and is
host to various international events. Enterprises are willingly investing in
North America. The factors expected to drive the growth of the product
lifecycle management market in North America are the stable economy,
technological enhancements, and advanced infrastructure.
Key Product
Lifecycle Management Market Players
Key and emerging market players include SAP (Germany),
Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US),
Oracle (US), HP (US), Atos (France), Accenturs (Ireland), Arena (US), Ansys (US),
Aras (US), Infor (US), Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose
(US), Inflectra (US), and TCS (India).
These players have adopted various strategies to grow in the product lifecycle
management market. The companies are focused on inorganic and organic growth
strategies to strengthen their market position.
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